Vancouver — The subject of a $170-million take over target,
The company produced 221,039 oz. of gold during the year with the Tarmoola mine contributing 155,447 oz., down from 180,000 oz. in 2000. The newly constructed A$40 million Carosue Dam operation in Western Australia added 65,592 oz. At June 30, PacMin held a stake in resources totaling 127.7 million tonnes grading 1.72 grams gold per tonne for just over 7 million oz. PacMin’s equity share tallies 6.64 million oz. The company realized an average gold price of A$537 per oz. in the period, some A$36 per oz. above the average spot price over the term.
Last month, gold and tantalum producer
Teck currently holds 97.45 million shares, or 74% of PacMin ordinary shares and 7.7 million preferred shares, giving the diversified miner an 80% equity stake in PacMin.
Teck is considering the offer, which is subject to SGW being granted 90% of PacMin’s shares.
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